Morenz seems overrated to a degree. I thought that in my initial ventures in the HoH boards and ATD drafts. And over the years not much has changed. I mean I get that he was the most electrifying player in his day. His skating was unmatched (although in the years prior Cyclone Taylor was as good if not better by many accounts). His defense was a plus no doubt but it wasn't the best of the era.
Charlie Conacher, Bill Cook, and Nels Stewart seem to have been better pure goal scorers.
Frank Boucher was the gold standard as a playmaker and was elite defensively. Joe Primeau led the league 3 times in assists. Boucher's AS record is slightly better and was on Morenz's level as a scorer (especially when looking at the 10 year VsX version). Boucher has better longevity and superior performances in the postseason in my estimation.
Eddie Shore won the Hart trophy more times, vastly superior AS record (even if you give Morenz credit for 1, maybe 2 AS nods he would have had if the award been around before 1931). And Shore would have won 7-8 Norris trophies had the award existed.
I have no doubts that Morenz was an amazing player. But I think he benefits somewhat from a mythical, nostalgic view. People always bring up the 1950 media poll and Morenz being the overwhelming winner as the best player from the 1st half century. But i question that, given you had players in his very era that were determined more valuable more times (Shore), won goal scoring (Conacher, Cook), or assist titles more often (Boucher, Primeua). You can absolutely argue that there were a number of more talented defensive forwards. Now, most of those players had larger holes in their games, to be fair.
Plus being an eastern Canada born, Montreal Canadien player has its benefits when it comes to biases, especially in the early days of hockey. It's not a shock to me Eddie Shore didn't pick up the votes Morenz did, because he was a western Canada born, US based player, who had a nasty reputation on the ice.
Eddie Shore, to me dominated the game more so than Morenz whether looking at hardware or the numbers and it wasn't like he didn't go up against a few other all time great defensemen for supremacy at his position.